OAKIX vs. INDEX

Last updated Jun 3, 2026

OAKIX (Oakmark International Fund) and INDEX (Index Funds S&P 500 Equal Weight) are both mutual funds - OAKIX is a Foreign Large Cap Equities fund managed by Oakmark, while INDEX is a Large Cap Blend Equities fund managed by Fidelity. Over the past 10 years, OAKIX returned 7.32%/yr vs 13.11%/yr for INDEX. A 0.65 correlation means they provide meaningful diversification when combined. OAKIX charges 1.04%/yr vs 0.25%/yr for INDEX.

Performance

OAKIX vs. INDEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Oakmark International Fund (OAKIX) and Index Funds S&P 500 Equal Weight (INDEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, OAKIX achieves a 0.92% return, which is significantly lower than INDEX's 11.39% return. Over the past 10 years, OAKIX has underperformed INDEX with an annualized return of 7.32%, while INDEX has yielded a comparatively higher 13.11% annualized return.

OAKIX

• 1D: -0.33%
• 1M: 1.93%
• YTD: 0.92%
• 6M: 4.37%
• 1Y: 13.40%
• 3Y*: 9.85%
• 5Y*: 3.14%
• 10Y*: 7.32%

INDEX

• 1D: 0.27%
• 1M: 5.21%
• YTD: 11.39%
• 6M: 11.76%
• 1Y: 29.43%
• 3Y*: 20.96%
• 5Y*: 11.55%
• 10Y*: 13.11%

*Multi-year figures are annualized to reflect compound growth (CAGR)

OAKIX vs. INDEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
OAKIX Oakmark International Fund	0.92%	32.40%	-4.60%	18.86%	-15.72%	9.04%	4.92%	24.24%	-23.41%	29.73%
INDEX Index Funds S&P 500 Equal Weight	11.39%	17.77%	24.73%	10.58%	-11.84%	29.10%	12.75%	28.98%	-7.83%	18.70%

Correlation

The correlation between OAKIX and INDEX is 0.55, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.55
Correlation (3Y) Calculated over the trailing 3-year period	0.53
Correlation (5Y) Calculated over the trailing 5-year period	0.65
Correlation (10Y) Calculated over the trailing 10-year period	0.65
Correlation (All Time) Calculated using the full available price history since May 12, 2015	0.65

The correlation between OAKIX and INDEX shifts across timeframes, from 0.53 (3 years) to 0.65 (all time), reflecting how their relationship changes across market environments.

Return for Risk

OAKIX vs. INDEX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

OAKIX

OAKIX Risk / Return Rank: 10
OAKIX Sharpe Ratio Rank: 11
OAKIX Sortino Ratio Rank: 11
OAKIX Omega Ratio Rank: 11
OAKIX Calmar Ratio Rank: 9
OAKIX Martin Ratio Rank: 9

INDEX

INDEX Risk / Return Rank: 74
INDEX Sharpe Ratio Rank: 77
INDEX Sortino Ratio Rank: 69
INDEX Omega Ratio Rank: 69
INDEX Calmar Ratio Rank: 73
INDEX Martin Ratio Rank: 83

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

OAKIX vs. INDEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Oakmark International Fund (OAKIX) and Index Funds S&P 500 Equal Weight (INDEX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	OAKIX	INDEX	Difference
Sharpe ratio Return per unit of total volatility	0.91	2.55	-1.64
Sortino ratio Return per unit of downside risk	1.34	3.46	-2.13
Omega ratio Gain probability vs. loss probability	1.17	1.46	-0.29
Calmar ratio Return relative to maximum drawdown	0.93	3.36	-2.42
Martin ratio Return relative to average drawdown	2.95	15.77	-12.82
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

OAKIX vs. INDEX - Sharpe Ratio Comparison

The current OAKIX Sharpe Ratio is 0.91, which is lower than the INDEX Sharpe Ratio of 2.55. The chart below compares the historical Sharpe Ratios of OAKIX and INDEX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	OAKIX	INDEX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.91	2.55	-1.64
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.17	0.69	-0.53
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.34	0.71	-0.36
Sharpe Ratio (All Time) Calculated using the full available price history	0.42	0.63	-0.21

Drawdowns

OAKIX vs. INDEX - Drawdown Comparison

The maximum OAKIX drawdown since its inception was -65.18%, which is greater than INDEX's maximum drawdown of -38.82%. Use the drawdown chart below to compare losses from any high point for OAKIX and INDEX.

Drawdown Indicators

	OAKIX	INDEX	Difference
Max Drawdown Largest peak-to-trough decline	-65.18%	-38.82%	-26.36%
Max Drawdown (1Y) Largest decline over 1 year	-14.35%	-8.93%	-5.42%
Max Drawdown (3Y) Largest decline over 3 years	-18.72%	-18.75%	+0.03%
Max Drawdown (5Y) Largest decline over 5 years	-38.00%	-21.52%	-16.48%
Max Drawdown (10Y) Largest decline over 10 years	-53.05%	-38.82%	-14.23%
Current Drawdown Current decline from peak	-4.71%	0.00%	-4.71%
Average Drawdown Average peak-to-trough decline	-11.71%	-4.63%	-7.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.53%	1.90%	+2.63%

Volatility

OAKIX vs. INDEX - Volatility Comparison

Oakmark International Fund (OAKIX) has a higher volatility of 4.47% compared to Index Funds S&P 500 Equal Weight (INDEX) at 2.83%. This indicates that OAKIX's price experiences larger fluctuations and is considered to be riskier than INDEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OAKIX	INDEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.47%	2.83%	+1.64%
Volatility (6M) Calculated over the trailing 6-month period	11.21%	8.97%	+2.24%
Volatility (1Y) Calculated over the trailing 1-year period	14.75%	11.83%	+2.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.13%	16.76%	+2.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.35%	18.65%	+2.70%

OAKIX vs. INDEX - Expense Ratio Comparison

OAKIX has a 1.04% expense ratio, which is higher than INDEX's 0.25% expense ratio.

Dividends

OAKIX vs. INDEX - Dividend Comparison

OAKIX's dividend yield for the trailing twelve months is around 1.83%, more than INDEX's 0.93% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
INDEX Index Funds S&P 500 Equal Weight	0.93%	1.04%	1.97%	1.56%	3.25%	1.81%	1.53%	1.61%	3.09%	1.15%	0.00%	0.00%
OAKIX Oakmark International Fund	1.83%	1.84%	2.46%	1.85%	2.97%	1.23%	0.33%	1.81%	7.15%	3.04%	1.48%	5.06%

Frequently Asked Questions

Can I hold both OAKIX and INDEX in my portfolio?

OAKIX and INDEX have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OAKIX or INDEX?

OAKIX has higher volatility (4.47%) compared to INDEX (2.83%). In terms of maximum drawdown, OAKIX dropped -65.18% vs INDEX's -38.82%.

Which has better risk-adjusted returns?

INDEX currently has the higher Sharpe Ratio (2.55 vs 0.91), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.